Paf claims that acquisition does not signify lowering of ambitions of the company to grow internationally.
The mobile gaming company, LeoVegas, confirmed it has acquired Italian Winga in full from its current holders, Paf.
LeoVegas claims the acquisition of Winga.it, an Italian gaming operator with a licence in the Italian market, will give LeoVegas an established position in Italy, Europe’s largest regulated market.
“This is yet another milestone in LeoVegas’ development,” explained Gustaf Hagman, LeoVegas’ Group CEO. “The acquisition of Winga.it will enable rapid expansion in Italy, as we are acquiring a company with local knowledge and an established position. LeoVegas’ expansion strategy is to grow in markets that are either regulated or in the process of being regulated. Our focus on mobile gaming and our proprietary, flexible technology platform create the conditions for a successful acquisition.”
Paf, the Åland-based money gaming company, signified that the sale did not mean it was lowering its ambitions regarding international growth, but that the Italian market wasn’t right at this time.
Christer Fahlstedt, CEO of Paf, said: “The Italian market is not aligned with Paf’s future strategy. We received a generous offer from the buyer, and the time was right to sell.”
Paf bought the Milan-based Winga in January 2015 from Buongiorno SpA, a part of the DOCOMO business group. The company claims roughly one half of Winga’s profit is generated from live casino games in studio surroundings and from their unique live casino product broadcasted on the Italian television network and Sky TV.
Christer added: “We aim to grow primarily in markets that we know thoroughly as well as markets where Paf can be expected to become profitable in the long term.”